There is a very short answer to this question, which we will get to towards the end. But before you can understand the amounts of bandwidth needed for mining you will need to understand the terminology and the process that you will need to go through. Which iswhere the amount of bandwidth that you need comes into play.To have a good amount of bandwidth you will need to have a decent internet provider that has consistent service. Many cannot offer you steady bandwidth amounts, so do some research and get hooked up with the best one that you can find, that does not break the bank.
The first thing that we need to cover is to understand what mining is. It is not grabbing an axe and pick and digging into the closest rock in an attempt to find some materials worth money. This type of mining is done online and has nothing to do with materials. It has to do with Bitcoins, and how you can obtain them through mining. It is a process where you compete with other miners to be rewarded in crypto coins.
Now we need to explain what Bitcoin is. You have heard of it by now, but many people do not truly know what it is. Bitcoin is a decentralized platform that allows financial transfers between peers, without the interference of banks or governments. Bitcoins can be transferred anywhere in the world, back and forth. You can obtain them by purchasing them, selling goods to others and accepting them as payment, or you can mine for them.
Bitcoin mining, or cryptocurrency mining, is a process that involves creating new bitcoins to put into circulation through the public ledger that holds all the information. This is part of the Blockchain technology that creates a new entry as you gain bitcoins, and then puts the information into a block that holds all the data. Once the block is full, a new one links to it and the information continues to compile in order. This public ledger allows bitcoins to be traded back and forth between peers, while offering extreme security measures that are basically hack proof, no matter which internet plans you use.
Mining for Bitcoins is not as easy as it may seem. It is a process that may yield you some currency if you can solve a complex hashing puzzle. You will need to set up a mining rig to complete this process, and you will need a decent amount of tech savvy. The rig can be set up with a good GPU (graphics processing unit), or an ASIC(application-specific integrated circuit.)
After you have your mining software set up and your rig is ready to go you will need to join a mining pool. There are different ones so sort through them and join the one that catches your eye. From there you can start mining. As mentioned earlier you will compete with other miners in solving a mathematical problem. The miner that wins will get the reward of bitcoins for solving the problem.
To be competitiveyou must be able to keep up with the other miners.You will need decent software and adequate bandwidth amounts that will allow you to do what you need to do. It is suggested that you have at least 12Kbps for inbound data, and a minimum of 9Kbps for outgoing. That is if you are mining by yourself, and not in a group. If you work in a group, you will want more inbound and outbound bandwidth.
So that is the simple answer to a not so complex question. Bitcoin mining is one of the ways that you can build up the amount of them that you have. It allows you the ability to get virtual currency without having to buy them. Of course, others are thinking the same way as you so do not expect mining to be an effortless wayto join the shift to online currency transactions. You will need to put some time and effort into the process. As with anything else in life, the more you put into mining the more that you will get out of it.